Breaking: Binance Burns 1.7 Billion Terra Luna Classic (LUNC), What’s Ahead?

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As a researcher with experience in the crypto market, I find Binance’s consistent support for the Terra Luna Classic (LUNC) community through its monthly burn mechanism quite commendable. In the latest development, Binance burned 1.7 billion LUNC tokens on July 1, bringing the total burned to nearly 62 billion since May 31, 2022. This significant contribution accounts for over 50% of the total LUNC burned by the community since they took control of the chain.

Binance, the world’s leading crypto exchange, recently incinerated 1.7 billion Terra Luna Classic (LUNC) tokens in its latest token burning event on Monday. With this transaction, Binance has now torched approximately 62 billion LUNC tokens through the LUNC burn mechanism, marking the completion of its 23rd batch.

Additionally, the Terra Luna Classic community has burned a total of more than 125 billion LUNC tokens. Since 2022, Binance has been backing the community’s efforts to revive Terra Luna Classic through its monthly mechanism for burning LUNC tokens.

Binance Incinerates 1.7 Billion LUNC

As a researcher, I’ve come across an intriguing development in the Terra Luna Classic (LUNC) community. On July 1, Binance, a leading crypto exchange, carried out a burn transaction that saw approximately 1.7 billion LUNC tokens eliminated from circulation. Furthermore, this transaction recorded an additional 8.5 million LUNC tokens set aside for tax purposes. Looking ahead, the anticipated Tax2Gas implementation, slated for this month, is poised to intensify the burn narrative and potentially result in more token burns.

Approximately, the 23rd batch of LUNC burn mechanism at Binance saw a substantial burning of trading fees accumulated between May 31 and June 29. To date, over 61.99 billion Terra Luna Classic (LUNC) tokens have been incinerated from Binance’s LUNC spot and margin trading pair transactions.

Due to the recent burn event conducted by Binance, the cumulative burn of Terra Luna Classic (LUNC) tokens by the community has exceeded 125 billion tokens. Notably, Binance is responsible for over half of the total LUNC burned since the community assumed control of the chain. The relatively small amount of tokens burned by the community compared to Binance can be attributed to a lower volume of transactions.

In the 22nd LUNC token burn event facilitated by Binance, approximately 1.35 billion Terra Luna Classic (LUNC) tokens were eliminated from circulation. This was accomplished through the conversion of accumulated trading fees worth around $170,104 from LUNC spot and margin trading pairs into tokens for burning.

LUNC and USTC Price Action

Traders specializing in spot and derivative markets for Terra Luna Classic (LUNC) did not reduce their holdings of these tokens following the latest burn mechanism implemented by Binance, thus failing to offset their recent price increases.

The price of LUNC has risen by 1% over the past 24 hours and is now at $0.00008148. The highest and lowest points of trading within this period were $0.00008313 and $0.00008045, respectively. Additionally, there has been a significant surge in trading volume by approximately 28%, suggesting heightened activity among investors.

As a crypto investor, I’ve observed that USTC price has experienced a 2% upward trend in the last 24 hours, reaching a current value of $0.01796. The lowest and highest prices within this period were $0.01759 and $0.01835, respectively. Notably, there’s been a 6% decrease in trading volume over the same time frame.

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2024-07-01 16:34